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Give entries to close Revenue and Expense Summary account

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Question - The Revenue and Expense Summary account GH Partnership debit balance Php80,000 of shows a of for the year ended December 31, 200A. At the beginning of the period, the capital balances of the partners are Php90,000 and Php100,000, respectively.

Required - Give the entries to close the Revenue and Expense Summary account by following their profit and loss agreement as given below: (show computations)

(a) Annual salaries: G - Php30,000; H - Php24,000;

(b) 6% interest on beginning capital;

(c) Any balance is to be divided in the ratio of capital balance.

Reference no: EM132839722

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